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CMS, Reff & Associates, and Herbert Smith Freehills Advise on AFI Europe Acquisition of Romanian Office Portfolio from NEPI Rockcastle

CMS, Reff & Associates, and Herbert Smith Freehills Advise on AFI Europe Acquisition of Romanian Office Portfolio from NEPI Rockcastle

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CMS has advised AFI Europe on its EUR 300 million acquisition of four Class A office projects in Romania from NEPI Rockcastle. The sellers were advised on the transaction, which is reported by CMS to be "one of the biggest in CEE and the largest-ever for the Romanian real estate market," by Herbert Smith Freehills and Reff & Associates, the Romanian member firm of Deloitte Legal.

The portfolio purchased by AFI Europe — a member of the holding and investments group Africa Israel Investments Ltd. — includes eight office buildings covering an area of over 118,500 square meters: the Floreasca Business Park, Lakeview, and Aviatorilor 8 in Bucharest, and the City Business Center in Timisoara.

CMS's team in Bucharest was led by Partner Horea Popescu, Senior Counsel Roxana Fratila and Consultant David Cranfield, with support from Partner Ana Radnev, Senior Tax Manager Andrei Tercu, Lawyers Alexandru Dumitrescu and Alexandru Trandafir, Senior Associates Claudia Popescu, Mircea Moraru, Claudia Nagy, Valentina Parvu, and Andrei Cristescu, and Associate Catalin Vasile. The firm's team also included Partner Aaron Fairhurst and Associate Kristin Shelley in the United Kingdom.

The Reff & Associates team advising NEPI Rockcastle on Romanian law was coordinated by Partner Irina Dimitriu and included Senior Managing Associate Simona Iacob, Senior Associates Maria Nitulescu, Ioana Georgescu-Muresanu, Diana Stan, and Calin Georgescu-Muresanu, and Associate Alexandru Butusina.

Editor's Note: In August 2020 CEE Legal Matters learned that this deal had failed to close, but that the parties had successfully revived it and re-executed it, and that latter deal closed successfully (as reported on September 4, 2020).

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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